The CFA Institute will invite a limited number of Charterholders to speak at the annual conference in Hong Kong in May 2018. To be considered you had to submit a 15-17 min video on a topic. Below is my submission which I share with you. … [Read more...]
Here you can find posts on Superinvestors, economic/"big picture", videos, books and product reviews. Please see "Resources" under the drop-down box which categorizes the above and also provides a list of great web links.
The Bitcoin mania continues as greed is part of human nature and grandmas to professionals get involved. The professionals' argument is that it's not correlated to other asset classes and adds to diversification. Former portfolio manager of the University of Chicago and current CIO of a crypto hedge fund, Ari Paul, thinks that endowments should look into crypto. He is quoted … [Read more...]
Out of all the animals we keep on our “farm”, chickens are the only ones that bring me no joy. Chickens are, by nature, brutal and cruel. They will torture the weak to death with their pecks, not because they have to, but because they can. It’s the way their brains are hard-wired, and it works for them, as a species. So I pretend that chickens aren’t evil and I’m not complicit. … [Read more...]
Investors probably underestimate the tailwind from global central banks quantitative easing. Over the last five years, the expansion of the Federal Reserve balance sheet has expanded and with it the S&P 500. In the chart below, by Michael Lebowitz of 720 Global we see this relationship. (Source: 720 Global) Deutsche Bank published a chart which shows the balance … [Read more...]
John Mauldin and Yra Harris both touched on the absurdities we see today in the financial markets. As Mauldin puts it "I have gone from the occasional smile to scratching my head now and then to “WTF” moments several times a week." I couldn't agree more. With their permission to reprint here on my blog, I've posted parts which you shouldn't miss. Click on the titles if you … [Read more...]
While Carl Icahn is probably known by the millennials as the guy who argued with Bill Ackman over Herbalife, or for his Apple position or for his investment in Lyft, he has a career that spans back for over 50 years. An activist investor but also businessman and philanthropist. I recently saw an interview he did at the DealBook Conference and if you don't have time for … [Read more...]
Today I’d like to talk about what I think is the first real evidence of a bubble forming in the global markets. We’ve been hearing this since at least 2014. And while I too convinced myself that 2016 was it, which result in a failed attempt to time the market, I believe the first real signs of a bubble have just appeared. But that too doesn’t mean it will burst right away or … [Read more...]